Strong Money Mangement Techniques a Must.

[wilheim]

Anyone else feel strong money management is crucial for gambling sucess?

Some basic rules I try to use:

Cut up my bankroll into 100 units with each unit equaling 1% of the bankroll.

Never bet more than 2 units on any one event. Most of my plays are 1 unit plays, I only go to 1.5 or 2 units when I feel strongly about a play.

I always shop for the best line. To do this, you should open multiple accounts (minimum 4).

Never chase my losses by betting higher, when losing I revert to my minimum bet.

Please feel free to criticise.
wil.

 

[rscl31]

picking games is the easy part, what you've stated is the toughest.

 

[TheGeneral+]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Never chase my losses <HR></BLOCKQUOTE>

Chasing losses is a one way ticket to the poor house.

 

[lander]

Good advice.

I also like to secretly buy up to the 8 like Ken

 

[randyrohm]

Absolutely important, the biggest misstake I see is lack of bankroll to begin with.

 

[barman]

That's it Wil, in a nutshell.

The problem most have is that the initial bankroll is insufficient for that 1% to be interesting for long.

I know that in our case, over the past three years, we've never had more than $1000 in play at any one time...in fact most times just $2-500.

But I still work with the formula you describe. In my case it's been about a 3% base ($10-15) to keep it interesting.

I've cashed a few times for $2-300, but on several other occasions found the overall bank down under $150 or so after having a tough 3-4 days (say, 3-12 bad run)...at which time I start playing catch up by jacking the avg wager to $20-30....then a simple 10W-15L stretch and I'm down to $50 and then of course, it's time to break out the 3team parlays for $25 each and well, if you haven't been there, you probably know someone who has.

Their base numbers may be bigger than mine, but the proportions follow the same path.

In review (multiply by your own bank):

Initial Bank $1000 Avg wager $30

Play a busy few weeks and go 30-40, down 420, balance now 580.

Adjust avg wager to 25, thinking, "I'm bound to rebound"...go 20-30....down 325, balance now 230.

Adjust avg wager to 20, thinking, "Sh1t, I've just gone 55-70 over the past six weeks...I've GOT TO GET GOING NOW"

Go 10-15....down 120, balance now close to 100.

Break out the 3T Parlays.

So ayuh, the key is starting bank of 1000 MUST respect the 1% rule or you won't be able to survive a 55-70 (a 44% run) stretch without either a redeposit, or a really good hot streak.

It would take a rather long stretch at 45% to break down $1000 using 1% wagers. ANd if you can put together that long a stretch at 45% you obviously need to refigure how you're gathering information for your choices (own capping/forum input/other input).

 

[Fishhead]

Going hand in hand with money management, is a sound record keeping system.

 

[vegasisdead]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> is a sound record keeping system. <HR></BLOCKQUOTE>

what do u use for this fish?

[This message was edited by FISHHEAD on June 13, 2004 at 11:47 PM.]

 

[vegasisdead]

LMFAO....this is SportSavant, I just bought Vegasisdeads laptop & it is still logged in with his ID....

Boy could I cauz some mayham tonite

 

[Fishhead]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by vegasisdead:

is a sound record keeping system. <HR></BLOCKQUOTE>

what do u use for this fish?


Use the WILSONJONES green bond column paper to their fullest extent.

 

[vegasisdead]

how the f uck do I log out & log back in...do I gotta clear my cookies?

 

[SportSavant]

okay I am back to myself...I had to clean out my cookies...coudnt log out from the RX webpage

 

[barman]

SSavant, your new avatar quote Kicks Ass.

 

[volhound]

Sport Savant -- didn't you say that you were a cop..... that smokes a lot of pot? very interesting

vol

 

[SportSavant]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Sport Savant -- didn't you say that you were a cop..... that smokes a lot of pot? very interesting <HR></BLOCKQUOTE>

we are very progressive up here in Canada...In some ways anyway...Marijuana is pretty much legal up here...for all intensive purposes...

btw, I was kidding when I told Dante I was a cop, it was when he said he would return the briefcase with a million dollars in it to the police...

 

[PatPatriot]

Yeah altering your state of mind is what I like to call "progressive".

This my freinds is the whole problem.

 

[SportSavant]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Yeah altering your state of mind is what I like to call "progressive". <HR></BLOCKQUOTE>

patriot, you are absolutely right, altering your state of mind is not progressive....nor is smoking marijuana healthy...it is a very bad thing & If I could ever talk to a young person I would tell them to stay far far away...

decriminilizing or legalizing marijuana, however, is in fact progressive, it is a shame that you cannot see this...In your country...THE LAND OF THE FREE 1 out of every 75 adult males are in JAIL

, more people than any other country on the face of this earth...YET...SUPRISE SUPRISE...DRUGS ARE STILL RAMPANT...what does that tell you Patriot? The war on DRUGS is a big failure...prohabition did not get people to stop Drinking...Obesity does not Stop people from eating McDonalds....& the fact that it is illegal does not stop people from Smoking Marijuana.

But again...I agree with you wholeheartedly... making the decision to smoke Marijuana is NOT progressive... & I would never try to tell anyone that it is... Stoping the WASTAGE of money that happens battling the 'war on drugs', THAT DEFINATLY IS PROGRESSIVE, If you are happy with the way your governement is wasting your hard earned Tax Dollars on this issue than so Be it....

In Canada we try to spend our Money on other things than putting our own in Jail or attacking defenceless nations...HEALTHCARE for example...something that is a mystery to you folks over there in 'The Land of the Free & the hone of the Brave'

 

[volhound]

wholeheartedly agree SportSavant

thanks for answering, i was confused

vol

 

[Fezzik]

I actually hate this "money management is 100% the most important factor stuff".

Sure, M.M. is important, but 95% of the losing bettors use this as a crutch. The vast, vast majority lose because they win less than 52.4% of their bets, NOT because of bad money management. Don't get me wrong, they have horrible M.M. also, but even with optimal M.M., the average bettor gets clobbered.

 

[wilheim]

Fezzik - I don't think anyone is saying "money management is 100% the most important factor " I said crucial, but certainly so are having the ability to pick winners, recognize value, and use solid handicapping discipline.


wil.